Forward Industries, a Nasdaq-listed company, has filed for an at-the-market (ATM) equity offering program of up to $4 billion, allowing it to sell shares over time to support its Solana-focused treasury strategy. The program will be conducted through Cantor Fitzgerald under an automatic shelf registration with the SEC, giving the company flexibility to raise capital quickly depending on market conditions. The proceeds are intended for general corporate purposes, including expanding its Solana holdings. The ATM program strengthens the company’s balance sheet and supports its long-term growth initiatives.
Solana treasury strategy
Forward Industries announced its Solana treasury plans on September 8, securing $1.65 billion in cash and stablecoin commitments from crypto firms like Galaxy Digital, Jump Crypto, and Multicoin Capital. Following the announcement, Galaxy Digital purchased $306 million in SOL tokens for Forward Industries’ treasury in a single day. According to Solana Strategic Reserve, Forward Industries currently leads corporate Solana treasuries, holding $1.6 billion in SOL tokens.
Institutional interest in Solana
Overall, corporate Solana treasuries reached 17.11 million SOL, worth over $4 billion, marking a surge in institutional adoption. In total, 17 companies have implemented Solana treasury strategies, including Sharps Technology, DeFi Development Corp., and Upexi. Forward Industries remains the largest participant, reflecting growing confidence among institutions in Solana as a treasury asset.
